Agriculture Drones Market to Exceed $5.89 Billion by 2030; North America Dominates Share

According to a new report published by Allied Market Research, titled, "Agriculture Drones Market by Offering, Components, and Applications: Global Opportunity Analysis and Industry Forecast, 2021-2030," the agriculture drones industry size was valued at $0.88 billion in 2020, and is projected to reach $5.89 billion by 2030, registering a CAGR of 22.4% from 2021 to 2030. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

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Spray drones in the agriculture sector is an innovative technology playing an important role in precision farming, leading the agriculture sector to sustainable farming practices while protecting and increasing profitability. However, drone farming in the agriculture sector are incorporated with upgraded sensors, thermal imaging, and enhanced polyester and polystyrene, which makes them expensive. Further, stable investments from prime vendors and government institutions propel sales of agriculture drones. Moreover, growth in concern related to climatic change is creating multiple complexities for the agriculture sector to enhance the global supply chain, offering significant growth opportunities for the market in coming years.

Surge in adoption of precision farming solution and rise in venture investment for development of drones across the agriculture sector drive the market growth. However, rise in government regulation against unmanned aerial vehicles globally are anticipated to restrain the agriculture drones market share. Further, surge in need for reduction in cost associated with human error is expected to provide lucrative opportunities for the agriculture drones industry during the forecast period.

According to agriculture drones market trends, the Hardware segment was the highest contributor to the market in 2020. The precision agriculture and livestock monitoring segments collectively accounted for around 68.1% market share in 2020. Surge in adoption of artificial intelligence-based technology application across agriculture sector has led the growth of this segment; thereby, enhancing the agriculture drones market growth.

Region wise, North America holds a significant share in the global agriculture drone market size. The adoption of sustainable farming solution in agriculture sector is expected to propel the agriculture drone's industry in this region. Moreover, presence of prime vendors paired with advanced technological solutions in North America is anticipated to boost growth of the agriculture drones market in this region.

The key players profiled in the report include AeroVironment, Inc., AgEagle Aerial Systems, Inc., America Roboticss, DJI, Israel Aerospace Industries, Microdrones, Parrot Drones, PrecisionHawk, Trimble Inc., and Yamaha Motor Corp. Market players have adopted various strategies such as product launch, collaboration & partnership, joint venture, and acquisition to expand their foothold in the agriculture drones market.

Analyst Review

The agriculture sector is the most promising sector witnessing a surge in adoption for enhanced artificial intelligence-based applications such as drones. Drones in the agriculture sector are developed to spray fertilizers conveniently and efficiently and for crop monitoring and imaging. Further, aerial view provided by drones can reveal many issues such as soil variation, irrigation, and pest and fungal infestations. In addition, rise in demand for a next-generation farming solution is expected to offer profitable opportunities for the agriculture drones market.

Drones are popular for use in the agriculture and farming sector, owing to surge in adoption of digital solutions to optimize agriculture operations and monitor crop growth. Moreover, agriculture drone applications such as fixed-wing, rotary-wing, and hybrid wings have advance enhanced features such as thermal imaging, GPS module, and improve variable-rate prescriptions in real-time, forecast to provide lucrative opportunities for market growth.

Globally, various key players are investing in agriculture drones to make them compatible with various industrial platforms. For instance, in January 2021, American Robotics, became the first company approved by federal aviation administration to operate automated drones without human operators on-site. In addition, on 13 April 2020, XAG organized first-ever rice direct seeding demonstration through drones. All these developments across agriculture drones showcase lucrative growth opportunities for the market growth.

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Key Findings Of The Study:

➢ In 2020, the hardware segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 23.0% during the forecast period.
➢ The camera and navigation segments together accounted for around 70.0% of the agriculture drones market share in 2020.
➢ The batteries segment is projected to growth at a CAGR of 24.1% during the forecast period.
➢ North America contributed for the major share in agriculture drone market, accounting for more than 39.0% share in 2020.

Key Benefits For Stakeholders:

➢ This study comprises analytical depiction of the agriculture drone market size along with the current trends and future estimations to depict the imminent investment pockets.
➢ The overall agriculture drone market analysis is determined to understand the profitable trends to gain a stronger foothold.
➢ The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
➢ The current agriculture drone market forecast is quantitatively analyzed from 2021 to 2030 to benchmark the financial competency.
➢ Porter's five forces analysis illustrates the potency of the buyers and suppliers in the smart display.
➢ The report includes the market share of key vendors and agriculture drone market trends.

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This release was published on openPR.